The annual return or financial return or annual financial statements is now required to be submitted by all BVI companies to their respective Registered Agents. Companies with financial year ending December 31, 2023 must submit their annual return no later than September 30, 2024. If a company has its financial year ending prior to December 31, 2023, then filing must be done within 9 months after the financial year end. For example, if a company has a financial yearend ending April 30, 2023, it should file it’s annual return by December 31, 2023.
There are few exceptions to this new requirement and that is if the company is;
- A listed company;
- The company is regulated under a financial services legislation and provides financial statements to the BVI Financial Services Commission in accordance with the requirements of that financial services legislation; and
- The company already submitted its financial statement with their annual return to the BVI Inland Department.
The penalty for failure to file Annual Return is USD300 per month after the filing is due and USD200 per month thereafter up to a maximum of USD5,000. If a company is liable to the maximum penalty and has not filed its annual return, the company may be struck off the Register.
If you are a BVI Company and needs assistance in filing annual return, our firm can assist you. Please send an email to client@candokobvi.com
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